The Two Currencies That Dominate Points Travel
Chase Ultimate Rewards and Amex Membership Rewards are the two most valuable transferable points currencies available to US cardholders. Both let you transfer points to airlines and hotels — the move that turns ordinary rewards into business class flights and luxury hotel stays. But they're not interchangeable. Here's how to decide which ecosystem deserves your spending.
Transfer Partners: The Core Comparison
Chase Ultimate Rewards transfer partners (1:1): United MileagePlus, Southwest Rapid Rewards, British Airways Avios, Air France/KLM Flying Blue, Iberia Avios, Singapore Airlines KrisFlyer, Virgin Atlantic Flying Club, Emirates Skywards, Aer Lingus AerClub, Air Canada Aeroplan, World of Hyatt, IHG Rewards, Marriott Bonvoy
Amex Membership Rewards transfer partners (typically 1:1, some 250:200): Delta SkyMiles, Air Canada Aeroplan, Air France/KLM Flying Blue, British Airways Avios, Cathay Pacific Asia Miles, El Al Matmid, Emirates Skywards, Etihad Guest, Hawaiian Miles, Iberia Avios, JetBlue TrueBlue, Qantas Frequent Flyer, Singapore KrisFlyer, Virgin Atlantic Flying Club, Choice Privileges, Hilton Honors, Marriott Bonvoy
Amex has more airline partners, particularly international carriers. Chase's biggest exclusive is World of Hyatt — one of the highest-value hotel currencies in existence, consistently delivering 2–2.5 cents per point on luxury properties.
Flagship Cards
Chase: Sapphire Reserve ($550/yr, 3x dining + travel, $300 travel credit) or Sapphire Preferred ($95/yr, 2x travel + dining)
Amex: Platinum ($695/yr, 5x flights, $200 airline credit, $200 hotel credit, $200 Uber Cash, lounge access) or Gold ($250/yr, 4x dining + groceries)
Where Chase Wins
- World of Hyatt: Chase is the only major transferable currency that transfers to Hyatt. Category 1–4 Hyatt properties at 12,000–15,000 points per night are exceptional value — often 3–4 cents per point on hotel stays that cost $200–$350/night in cash.
- Simplicity: Fewer cards to manage, clear earning structure
- Chase Trifecta: Sapphire Reserve + Freedom Unlimited + Freedom Flex is a well-documented 3-card stack that covers every category at strong rates
Where Amex Wins
- More airline partners: Delta (domestic travelers), Qantas (Australia routing), Cathay Pacific (Asia-Pacific), Etihad (Middle East), Hawaiian Airlines — none of these are Chase partners
- Higher earning on dining and groceries: Amex Gold earns 4x at restaurants and US supermarkets (up to $25k/yr) — the best combined dining + grocery rate in the market
- Hilton: Amex is the gateway to Hilton Honors transfers. Hilton's 5,000-point-per-night Category 1 properties are occasionally brilliant value.
- Lounge access: Amex Centurion Lounges are widely regarded as the best domestic airport lounges. Priority Pass from Amex Platinum also includes restaurants at many airports.
The Overlap
Both transfer to: Air France/KLM Flying Blue, British Airways Avios, Iberia Avios, Emirates Skywards, Singapore KrisFlyer, Virgin Atlantic Flying Club, Air Canada Aeroplan, Marriott Bonvoy. If you fly these carriers, either currency works.
Our Verdict by Traveler Type
- Hotel-focused traveler → Chase (Hyatt alone justifies the ecosystem)
- Delta flyer → Amex (Delta only transfers from Amex)
- Big grocery or dining spender → Amex Gold
- International business class chaser → Either (both have strong partners; pick based on your target airline)
- Best of both → Hold both (many power users do)